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Australia

Could Australia Become Asia’s Crypto Derivatives Hub?

With Australian DeFi projects surging, the CEO of crypto exchange Mine Digital said he believes the nation could become a future hub for crypto derivatives in Asia.CEO Grant Colthup made the comments in a webinar hosted on July 29 by Melbourne’s Apollo Capital regarding digital asset infrastructure. Colthorp said many institutional investors in Australia were interested in crypto but were still skittish about getting away from “brick and mortar” financial establishments. But he said...

Australian Securities Exchange Delays Switch to Blockchain Due to COVID-19

The Australian Securities Exchange (ASX) has once again delayed its transition to the blockchain, due in part to uncertainty around the impact of the global COVID-19 pandemic.In an announcement published on March 25, ASX said it was replanning its blockchain implementation timetable in light of the unfolding crisis, as well as because of issues that were under consideration prior to the outbreak.In June, the exchange will therefore seek user input to establish...

Chrono Tech Launches Australian Dollar Stablecoin in Spite of ‘Big Four’ Banks

Australian blockchain firm, Chrono Tech, has been experiencing difficulties securing a banking partner amid the launch of an Australian dollar (AUD)-pegged stablecoin earlier this month.The AUD Token (AUDT), available on Chrono Tech’s platform, can be redeemed 1:1 for Australian dollars held by a licensed Australian bank. However, as Chrono Tech’s CEO, Sergei Sergienko, reveals, securing a banking partner was not easy.In an interview with Cointelegraph, Sergienko discussed his company’s transition from planning...

Bitcoin Price Correlates With Traditional Assets, but Not Entirely

Since coming to power back in 2016, President Trump seemed to have reinvigorated the United States stock market after it showed signs of slowing down throughout the first half of the previous decade. Just three weeks ago, the American market witnessed a combined gain of 58% compared with the last three or so years. However, following the World Health Organization’s recent declaration of the novel coronavirus pandemic on March 11 — with...

Australian Tax Authorities Shed Light on Recent Crypto Investor Outreach

This week, the Australian authorities launched a major campaign to prompt as many as 350,000 crypto investors to comply with their tax obligations.In an interview with Cointelegraph on March 12, a spokesperson for the Australia Tax Office (ATO) said the campaign was designed to help raise awareness and give taxpayers “the opportunity to fix any mistakes” they may have made in reporting their capital gains on crypto trades.Encouraging voluntary complianceAs of 2019,...

Australian Judge Says Crypto Is a Legitimate Investment Vehicle

As part of a defamation case in front of the New South Wales, or NSW district court, Judge Judith Gibson allowed cryptocurrency usage as collateral.“This is a recognized form of investment," Gibson said of cryptocurrency, also acknowledging its volatility, according to a brief from the Australian Associated Press.The plaintiff vies for crypto usageAs part of the defamation case, the NSW court stated the accusing party must place $20,000 AUD, or approximately $13,000...

Australian Minister Slams Gov’t for Weak Response to Ransomware ‘Epidemic’

On Feb. 24, Tim Watts, Australia’s Shadow Assistant Minister for Cybersecurity, has published an article in the Financial Review on Feb. 24, criticizing the country’s government for its response to the 2019 “ransomware epidemic.”Watts states that Australia was not immune to last year’s ransomware outbreaks, citing a Victorian government regional health network that shut down their systems after becoming infected. The incident resulted in multiple surgeries being delayed. Watts also notes that during...

National Stock Exchange of Australia Plans DLT Platform to Compete with ASX

Australia's primary stock exchange could soon have a new blockchain-based rival.National Stock Exchange of Australia owner NSX Ltd. and financial institution iSignthis (ISX), both publicly listed companies, announced Thursday that they are forming joint venture to offer a digital securities trading platform.Called ClearPay, the new entity will offer a platform will be based on distributed ledger technology (DLT) and provide same day, delivery versus payment (DVP) settlement. iSignthis will integrate its "know your...

ASX Sees Industry Benefits Arising From Blockchain Upgrade as July Tests Approach

The chief of the Australian Securities Exchange (ASX) has said the company's approaching shift to blockchain tech could bring opportunities to the wider securities industry. In a results call for H1 2020 Thursday, reported by ZDNet, ASX CEO Dominic Stevens said: "We're very excited about the long term benefits this can bring to clearing and settlement specifically, and to the efficiency of the securities industry in Australia, generally," Stevens said.Specifically, Stevens...

Top Australian Soccer Club Acquired By Token-Powered Fan Marketplace

Australian A-League football team Perth Glory is being acquired by a fan-focused group that says it raised $70 million in a 2018 token offering.Announced Wednesday, London Football Exchange Group (LFE) said it has agreed a deal to acquire a majority stake in Perth Glory Football Club, subject to approval by the sport's governing body, Football Federation Australia.As part of the deal, LFE's recently appointed chairman, Tony Sage, who is also chairman of Perth...
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